Craig Beach Vacations (CBV) manufacturers sand-resistant suitcases for the frequent beachgoers. They reported the following inventory values on their balance sheet: 

 

	January 1	December 31
Direct materials	$120,000	$162,000
Work in process	$548,000	$420,000
Finished goods	$367,000	$513,000

 

During the production of 1,800 units, CBV purchased $72,000 in direct materials purchases. They also incurred $33,000 in overhead expenses, $22,400 in administrative expenses, and 1,200 hours of labor. All laborers are paid at a wage rate of $12.00 per hour. CBV sells all their products at an average price of $80 per unit.

 

Using the information provided, what is the operating income?